Zanzibar, I'm not trying to trample your positive thread but there are plenty of long term technical arguments suggesting we are somewhere near where we should be had we not had a resource bubble. Short term over sold perhaps, but not long term imo.
Add to that the current housing market and slowing economy I can't see us doing anything significant to the upside in the next 12 months other than bear market rallies or range trading.
Don't read me wrong though, I would love for us to form a nice base and rally.
I think the best we can do is perhaps a rally because of volatility before xmas and then continuing the grind sideways or down.
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